{"id":652524,"date":"2017-01-12T03:57:36","date_gmt":"2017-01-12T03:57:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/"},"modified":"2017-01-12T03:57:36","modified_gmt":"2017-01-12T03:57:36","slug":"finance-ministry-turns-working-on-new-income-tax-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/","title":{"rendered":"Finance Ministry turns working on new income tax law"},"content":{"rendered":"

<\/a> A new income tax act is in the works: <\/strong>Finance Minister Amr El Garhy announced yesterday that his ministry is working on a new income tax law, explaining that any amendments designed to bring the tax code up to international standards need to come in the form of a new tax code as the existing legislation has been amended extensively and it would be better to start from scratch, according to Al Masry Al Youm<\/a>. El Garhy did not outline the nature of the changes, nor did he hint at tax increases. <\/strong>The minister has in recent months made clear his preference that taxes not be raised<\/a>, although a faction in the House of Representatives has been agitating for a shift to a progressive income tax system with higher rates. El Garhy noted that his ministry aims to boost tax revenues to 16% of GDP within the next four years without resorting to changes in existing tax policies, AMAY<\/a> noted separately.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new income tax act is in the works: Finance Minister Amr El Garhy announced yesterday that his ministry is working on a new income tax law, explaining that any amendments designed to bring the tax code up to international standards need to come in the form of a new tax code as the existing […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-652524","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"e973e66c-ddd3-42c5-8bb6-e5dd9b32c5f1","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[652517],"teaser":"","voice_url":""},"yoast_head":"\nFinance Ministry turns working on new income tax law - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Ministry turns working on new income tax law\" \/>\n<meta property=\"og:description\" content=\"A new income tax act is in the works: Finance Minister Amr El Garhy announced yesterday that his ministry is working on a new income tax law, explaining that any amendments designed to bring the tax code up to international standards need to come in the form of a new tax code as the existing […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-12T03:57:36+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Finance Ministry turns working on new income tax law\",\"datePublished\":\"2017-01-12T03:57:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/\"},\"wordCount\":169,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/\",\"name\":\"Finance Ministry turns working on new income tax law - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"datePublished\":\"2017-01-12T03:57:36+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Finance Ministry turns working on new income tax law\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Finance Ministry turns working on new income tax law - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/","og_locale":"en_US","og_type":"article","og_title":"Finance Ministry turns working on new income tax law","og_description":"A new income tax act is in the works: Finance Minister Amr El Garhy announced yesterday that his ministry is working on a new income tax law, explaining that any amendments designed to bring the tax code up to international standards need to come in the form of a new tax code as the existing […]","og_url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2017-01-12T03:57:36+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Finance Ministry turns working on new income tax law","datePublished":"2017-01-12T03:57:36+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/"},"wordCount":169,"publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"keywords":["EnterpriseAM","SPEED ROUND"],"articleSection":["Speed Round"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/","url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/","name":"Finance Ministry turns working on new income tax law - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"datePublished":"2017-01-12T03:57:36+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/12\/finance-ministry-turns-working-on-new-income-tax-law\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Finance Ministry turns working on new income tax law"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":652750,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/18\/parliament-agrees-to-raise-basic-tax-exemption\/","url_meta":{"origin":652524,"position":0},"title":"Parliament agrees to raise basic tax exemption","author":"enterpriseam admin","date":"18 January 2017","format":false,"excerpt":"The House of Representatives has raised the basic tax exemption to EGP 24,000 from a previous EGP 13,500, meaning anyone earning under EGP 24,000 annually pays no income tax. The move is being positioned as part of an effort to ease the pain of the ongoing economic reforms, according to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652881,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/22\/finance-ministry-will-not-taxation-minimum-income\/","url_meta":{"origin":652524,"position":1},"title":"Finance Ministry will not taxation minimum income","author":"enterpriseam admin","date":"22 January 2017","format":false,"excerpt":"Speaking of taxes, parliament and the government appear to not see eye to eye on raising the minimum annual income to be taxed to EGP 23,000 from EGP 13,500 (surprise, surprise). Deputy Finance Minister Amr El Monayer denied the ministry was preparing a draft to amend the Income Law to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650479,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/26\/finance-ministry-drafts-amendments-to-stamp-and-income-tax-laws-to-incorporate-new-stamp-tax-proposal\/","url_meta":{"origin":652524,"position":2},"title":"Finance Ministry drafts amendments to stamp and income tax laws to incorporate new stamp tax proposal","author":"enterpriseam admin","date":"26 March 2017","format":false,"excerpt":"The stamp tax is becoming official: The Finance Ministry has finished drafting amendments to the Income Tax Law to incorporate the stamp tax on EGX transactions okayed by the Ismail cabinet last week, Al Borsa reports. The amendments will impose a 0.125% levy, that will gradually increase to 0.175% over\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":648799,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/12\/finance-ministry-reduces-vat-on-imported-capital-goods-to-5\/","url_meta":{"origin":652524,"position":3},"title":"Finance Ministry reduces VAT on imported capital goods to 5%","author":"enterpriseam admin","date":"12 April 2017","format":false,"excerpt":"The Finance Ministry has cut the value-added tax on imports of machinery, equipment, and capital goods to 5%, effective immediately, according to a statement from the ministry. The tax cut also applies to production lines that are imported either in parts or already assembled. Finance Minister Amr El Garhy says\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":651314,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/09\/changes-to-the-income-tax-are-on-the-table\/","url_meta":{"origin":652524,"position":4},"title":"Changes to the income tax are on the table","author":"enterpriseam admin","date":"9 February 2017","format":false,"excerpt":"Changes to the tax code are coming, whether in the form of a new law or amendments. The Ismail government is considering the introduction of an earned income tax credit to replace the current list of exemptions. Other changes will include harmonizing the code with the incentives outlined in the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652578,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/15\/what-were-tracking-on-15-january-2017\/","url_meta":{"origin":652524,"position":5},"title":"What we\u2019re tracking on 15 January 2017","author":"enterpriseam admin","date":"15 January 2017","format":false,"excerpt":"It looks like it\u2019s the Finance Ministry\u2019s week in the spotlight between a presser Finance Minister Amr El Garhy is due to hold today and the start of the roadshow for Egypt\u2019s eurobond issue tomorrow.Egypt\u2019s eurobond roadshow kicks off on Tuesday, 17 January with joint lead managers BNP Paribas, Citi,\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/652524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=652524"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/652524\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/652517"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=652524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=652524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=652524"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=652524"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=652524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}